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May 19, 2015

Lawmakers Passes Bill to Counteract Israel Boycotts

Lawmakers in Illinois recently passed a bill that would allow public employee pension funds to spill investments in firms participating in Israel Boycotts.

Early this week, the bill passed the Illinois House of Representatives. The Illinois State made the approval on a 49-0 vote last month. Sponsors are seeking counteracting efforts by a Palestinian campaign to isolate Israel.

The bill entails Illinois’ pension system to eliminate firms boycotting Israel from their portfolios. The measure is now being enforced by the Illinois Investment Policy Board, which mandates state pension funds to be divested from companies transacting with countries who have made human rights violations.

The bill also requires the state’s investment policy board to initially make a list of firms believed to have boycotted Israel. Those same companies will then be given a notification of being subjected to divestment. If a firm still maintains its stance against Israel, state fund investment advisers would then be given authorization to seem, redeem, or withdraw any direct holdings within one year